StreetOne Technical Analysis, LLC Technical Summary 5/11/2011

May 11, 2011 8:24 AM ET

StreetOne Technical Analysis, LLC

D.Chojnacki

Market Summary-05/11/2011

The Market moved up at the open and maintained that strength into the PM hours. A buying spurt in the last hour and a half pushed the indices to moderate gains. At the close, the DJIA gained 0.6%, the S&P and Nasdaq100 closing up 0.8%. Breadth was decidedly positive, 3.9 to 1, on average volume. The DJIA was the only index with a declining ROC(10). While the DJIA and S&P MACD remains below signal, the Nasdaq100 crossed above in the last session. The DJIA saw its RSI close at 63, on increasing near term strength. Near term support is now at 12745 and 12674. Near term resistance is now at 12800 and 12810(April high). The S&P held the Feb. high and closed above the 1350 resistance level, putting it in position to test the recent April high of 1363. Near term support is now at 1350 and 1343. Near term resistance is now at 1363 and 1375. The Nasdaq100 closed above its Feb. high of 2397 and moved above the 2400 level. It closed just below its recent April high of 2413. Near term support is now at 2400-2397 and 2389. Near term resistance sets up at 2412-13 and 2425. The GLD and USO also closed up in the session. The VIX was down again, for the second straight session, this time losing 7.2% to 15.91.

Trading Trends

Long term, the bias remains to the upside for all three major indices. Short term bias to the upside continues. Near term, three straight sessions to the upside, have strengthened technicals and keep bias to the upside. It appears the indices want to test the recent April highs. On the contrary, there still remains some indication that the S&P wants to test the 1325-30 area, perhaps after testing recent highs. Futures at(8:00am) are slightly lower versus fair value. The Mid East crisis(oil) and the U.S. economic recovery confirmation are the top Market movers.

Major Economic Reports Today:

Trade Balance-8:30am Crude Inv.-10:30am Treasury Budget-2:00pm

MAJOR INDICESShort term support and resistance level

DJIA

close 12760

SP500

close 1357

N100

close 2411

12745

12800

1350

1363

2400

2412

12715

12810

1347

1375

2397

2413

12674

12833

1345

1388

2389

2425

12650

12900

1343

1400

2388

2430

12550

12962

1339

1412

2375

2445

12547

13000

1338

2366

2449

12507

1332

2362

2450

12500

1330

2350

2462

12425

1325

2343

Trade Ideas

None today.

DISCLAIMER LANGUAGE

ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY’S DATE, UNLESS OTHERWISE INDICATED

This publication is neither an offer to sell nor a solicitation to buy any securities mentioned herein. The information contained herein is based on data obtained from recognized sources that are believed to be reliable. Street One Financial LLC (S1F) have not independently verified the facts, assumptions and estimates contained in this publication. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this publication. The information contained in this publication is not and does not purport to be a complete analysis of every material fact respecting any company, industry, ETF or other security. Additional information concerning this publication may be available on request, if available. Many of the securities mentioned in this publication involve a higher degree of risk and more volatility than the securities of more established securities. For these and other reasons, the investments discussed in this publication may be unsuitable for investors depending on their specific investment objectives and financial position. Each investor should complete his or her own additional investigation and assessment prior to making investments in any securities. Transactions in securities mentioned herein may be effected only in those states where such securities are qualified for sale. Street One Technical Analysis LLC is an independently owned Company from Street One Financial LLC (S1F). S1F is an independent Company specializing in ETF’s, equities, and options. S1F specializes in agency ETF/ETP, equities, and options trade execution. On the ETF/ETP end, S1F may work with the ETF issuers to understand their products more thoroughly and how they can complement an investor's portfolio